WEBVTT - Bloomberg Daybreak: May 13, 2022 - Hour 1 (Radio) 0:00:03.240 --> 0:00:05.480 It's now five oh seven on Wall Street. We're fifty 0:00:05.519 --> 0:00:07.680 nine degrees in Central Park. Already seeing a crash on 0:00:07.720 --> 0:00:11.160 the southbound hutch at Bartow Avenue. Details coming up in traffic. 0:00:11.440 --> 0:00:13.600 Michael Bars here now with more on what's going on 0:00:13.640 --> 0:00:16.560 in New York and around the world. Happy Friday, Michael, 0:00:16.680 --> 0:00:19.960 Happy Friday to you, Nathan. More than seventy gas stations 0:00:19.960 --> 0:00:23.439 in New Jersey are offering lower prices today as part 0:00:23.440 --> 0:00:26.280 of an effort to educate people about what might happen 0:00:26.320 --> 0:00:28.880 of self serve gas pumps are allowed in the state. 0:00:29.560 --> 0:00:33.000 Bill has also been introduced in the state legislature're calling 0:00:33.040 --> 0:00:36.080 for self service at stations with more than four pumps 0:00:36.360 --> 0:00:39.800 as gas prices rise because of inflation and the war 0:00:39.920 --> 0:00:44.440 in Ukraine. Advocacy group Fuel Your Way and J said 0:00:44.479 --> 0:00:48.040 Today's Self Served Day of Awareness aims to let drivers 0:00:48.080 --> 0:00:50.960 know that self serve could help them say between one 0:00:51.040 --> 0:00:54.240 hundred and four hundred dollars per year. What do New 0:00:54.320 --> 0:00:58.440 Jersey drivers think about self serve? Phillips, It's a major 0:00:58.480 --> 0:01:00.920 cover because you don't have to deal with the elements. 0:01:00.920 --> 0:01:03.680 The elements are the wars is better and safer if 0:01:03.720 --> 0:01:08.080 they come to you and uh the gas. New Jersey 0:01:08.160 --> 0:01:10.360 is the only state that does not allow any one 0:01:10.400 --> 0:01:13.839 other than gas station attendance to pump gas. New York 0:01:13.840 --> 0:01:17.839 households power bills are poised to surge twelve percent this summer, 0:01:18.000 --> 0:01:21.560 and they had higher electrical demand and soaring natural gas prices, 0:01:21.920 --> 0:01:25.120 according to the State Public Service Commission, that would exceed 0:01:25.400 --> 0:01:30.000 the eleven increases of the two previous summers. The new 0:01:30.040 --> 0:01:33.720 White House COVID nineteen coordinator is issuing a dire warning 0:01:34.080 --> 0:01:37.200 the US will be increasingly vulnerable to the coronavirus this 0:01:37.319 --> 0:01:40.399 fall and winter if Congress does not swiftly approve new 0:01:40.400 --> 0:01:44.480 funding for more vaccines and treatments. Dr rashist Jah says 0:01:44.560 --> 0:01:48.280 that americans immune protection from the virus is waning, the 0:01:48.400 --> 0:01:51.680 virus is adapting to be more contagious, and booster doses 0:01:51.720 --> 0:01:55.120 for most people will be necessary. When I think out 0:01:55.160 --> 0:01:57.200 to the future the rest of the country, as his 0:01:57.360 --> 0:02:00.480 virus spreads, there are places in country that have far 0:02:00.560 --> 0:02:02.760 lower levels of vaccination. I worry about what's going to 0:02:02.800 --> 0:02:06.400 happen there. Dr Rashi's job. President Biden sent a letter 0:02:06.400 --> 0:02:08.880 to the Federal Trade Commission asking the agency to look 0:02:08.880 --> 0:02:12.880 into cases of price gouging, as there's a national shortage 0:02:12.880 --> 0:02:16.400 of baby formula. The supply disruptions are due in part 0:02:16.600 --> 0:02:20.240 to a February recall of some popular brands. New York 0:02:20.280 --> 0:02:24.880 Republican at least Steponi is among members of Congress criticizing 0:02:24.880 --> 0:02:27.520 the Biden administration's handling of the crisis. This is not 0:02:27.600 --> 0:02:29.880 a third world country. This should never happen in the 0:02:29.960 --> 0:02:33.960 United States America. Representative Steponic as the FDA is now 0:02:34.040 --> 0:02:37.679 considering loosening import restrictions. Global News twenty four hours a 0:02:37.760 --> 0:02:40.040 day on air and on Bloomberg Quickday, powered by more 0:02:40.080 --> 0:02:42.920 than seven hundred journalists analysts more than a hundred twenty countries. 0:02:43.160 --> 0:02:50.440 Michael bar this is Bloomberg, Nathan. Thank you, Michael. Almost 0:02:50.480 --> 0:02:52.840 five ten on Wall Street, time for the Bloomberg Sports Update. 0:02:52.880 --> 0:02:55.919 Good morning, John Stah, Good morning Nathan. The Yankees keep winning. 0:02:55.960 --> 0:02:58.000 The pitching, as for the most part, carried them, and 0:02:58.080 --> 0:03:01.400 last night the pitching wasn't great. Hitting was a fifteen 0:03:01.480 --> 0:03:03.919 to seven win over the White Sox in Chicago to 0:03:04.120 --> 0:03:07.359 home run six RBIs for Johant Carlos Stanton, home run 0:03:07.400 --> 0:03:10.280 for Aaron Judge, he drove in four Josh Donaldson, Caffie 0:03:10.360 --> 0:03:13.120 seven run eighth inning for the three run shot. Yanks 0:03:13.120 --> 0:03:15.480 have won sixteen of their last eight teen. The Mets 0:03:15.480 --> 0:03:17.360 with a four one win in Washington, so they win 0:03:17.400 --> 0:03:21.440 another series. They've played ten, they've won nine with one split. 0:03:21.520 --> 0:03:24.640 Mets home tonight for Seattle. Rangers are in Pittsburgh for 0:03:24.720 --> 0:03:27.040 Game six, and it's not known if Penguin stars Sydney 0:03:27.040 --> 0:03:30.200 Crosby will play. An upper body injury suffering Game five 0:03:30.520 --> 0:03:33.360 courtesy of a high hit by Ranger defenseman Jacob Trueba, 0:03:33.480 --> 0:03:36.640 Penn's coach Mike Sullivan clearly anchored by the hit. The 0:03:36.720 --> 0:03:39.640 Ranger coaches Gerard Glenn. I don't think you bothers him 0:03:39.680 --> 0:03:41.360 one bit. And me and he plays his game the 0:03:41.440 --> 0:03:44.480 way he plays his game. And you know, again, Troupe 0:03:44.560 --> 0:03:48.040 Jane hurt Sidney Closby. You know that's not the goal. 0:03:48.080 --> 0:03:50.720 Their goals to play physical hockey. And he was an 0:03:50.800 --> 0:03:53.280 unfortunate play, you know, So, I mean, there's no intend 0:03:53.280 --> 0:03:56.520 to hurt anybody over igor, says Durkin, back in Pittsburgh, 0:03:56.520 --> 0:03:58.840 where he gave up ten goals in three periods over 0:03:58.880 --> 0:04:01.440 games three and fources. Sturk already a finalist to win 0:04:01.480 --> 0:04:04.160 the Vezina Trophy for Best Cooley now named the finalists 0:04:04.160 --> 0:04:06.560 to win the Heart as NHL m v P three 0:04:06.600 --> 0:04:09.160 teams one of one Game six is the force of 0:04:09.200 --> 0:04:12.839 Game seven Boston Edmonton and Tampa Bay one in over time, 0:04:12.920 --> 0:04:15.320 NBA Miami one in Philadelphia to win that series, Dallas 0:04:15.360 --> 0:04:18.839 Blue out Phoenix. That series going seven. NFL schedule out 0:04:18.880 --> 0:04:20.839 Giants will open up at Tennessee and Jets will be 0:04:20.880 --> 0:04:23.719 home for Baltimore. Rich strike off. That miraculous one at 0:04:23.720 --> 0:04:27.000 the Kentucky Derby will not be in next week's Preakness. 0:04:27.320 --> 0:04:31.440 John Stashward Bloomberg Sports than thank John SMP future is 0:04:31.480 --> 0:04:34.040 now forty seven point staff futures of two D seventy eight. 0:04:34.120 --> 0:04:37.400 Nastack futures higher by two hundred fourteen points. The ten 0:04:37.480 --> 0:04:40.840 year Treasury down fifteen thirty seconds, yield two point nine 0:04:40.960 --> 0:04:48.520 zero percent. This is Bloomberg Bloomberg j Break brought to 0:04:48.520 --> 0:04:51.680 you by Peapack Private Wealth Management. Pepack Private Wealth Management 0:04:51.720 --> 0:04:54.200 knows that a portfolio is more than a collection of assets. 0:04:54.200 --> 0:04:56.960 It's a path to your future. Visit Peapack Private dot 0:04:57.000 --> 0:05:03.479 com and begin your financial legacy. Today, Markets headlines and 0:05:03.600 --> 0:05:06.880 breaking news twenty four hours a day at Bloomberg dot com, 0:05:07.000 --> 0:05:10.040 the Bloomberg Business Out and at Bloomberg Quick Take, this 0:05:10.520 --> 0:05:19.880 is a Bloombern business lash, and I'm Karen Moscow. Stocks 0:05:19.880 --> 0:05:23.320 in US stock index futures are rising after federal reserve charge. 0:05:23.360 --> 0:05:26.920 Your Ome Powell pushed back against speculation of steeper interest 0:05:27.000 --> 0:05:29.360 rate hikes. Risk sentiment is getting a boost by your 0:05:29.360 --> 0:05:32.760 rebounding cryptocurrencies. And we checked the markets every fifteen minutes 0:05:32.800 --> 0:05:35.680 throughout the trading day. On Bloomberg Guess and p Future 0:05:35.720 --> 0:05:37.599 is at forty five boys and down Future is up 0:05:37.600 --> 0:05:41.000 two hundred sixty five. Nasdack futures up two hundred five 0:05:41.040 --> 0:05:43.680 that's up one point seven percent. The decks in Germany's 0:05:43.680 --> 0:05:46.640 at one point three percent ten. Your Treasury down sixteen 0:05:46.680 --> 0:05:49.280 thirty seconds, yield two point nine zero percent, yield on 0:05:49.360 --> 0:05:52.359 the two year two point five nine percent. Nimex screwed 0:05:52.440 --> 0:05:54.520 oils up one percent or a dollar four at a 0:05:54.600 --> 0:05:57.720 hundred seven dollars, seventeen cents of barrel comex called down 0:05:57.720 --> 0:06:00.000 two tenths per cent, or four dollars at eighteen twenty 0:06:00.080 --> 0:06:02.680 sixty an ounce. The euro one point oh three nine 0:06:02.720 --> 0:06:04.760 one against the dollar. The British found is at one 0:06:04.800 --> 0:06:08.040 point to one nine and again is at one point 0:06:08.080 --> 0:06:11.880 eight seven, and bitcoin is of seven point three percent, 0:06:12.000 --> 0:06:15.960 up thirty thousand, six hundred dollars. And that's a Bloomberg 0:06:15.960 --> 0:06:18.480 business flash. Now here's Michael Barr with more on what's 0:06:18.480 --> 0:06:21.760 going on around the world. Michael, Good morning, Good morning, Karen. 0:06:21.760 --> 0:06:25.120 The Kremlin has warned it would retaliate after Finland's leaders 0:06:25.120 --> 0:06:28.640 said they favored joining NATO. Sweden could do the same 0:06:28.720 --> 0:06:32.640 within days, and a historic realignment triggered by Russia's invasion 0:06:32.680 --> 0:06:36.040 of Ukraine. House Minority Leader Kevin McCarthy and four other 0:06:36.040 --> 0:06:40.680 Congressional Republicans have been subpoena by House investigators. It comes 0:06:40.720 --> 0:06:44.040 as the January sixth Committee begins public hearings next month, 0:06:44.240 --> 0:06:47.320 but the final report due out this fall. In baseball, 0:06:47.360 --> 0:06:50.039 the Yankees were winners. The Mets beat the Nationals for one, 0:06:50.120 --> 0:06:54.200 the Orioles and A's one. In the NHL playoffs, there 0:06:54.200 --> 0:06:56.800 will be a deciding Game seven after the Bruins beat 0:06:56.839 --> 0:06:59.880 the Hurricanes five to the Rangers will try to avoid 0:07:00.000 --> 0:07:03.080 elimination in Game six to night against the Penguins. Global 0:07:03.120 --> 0:07:05.960 News twenty four hours a day on airand on Bloomberg 0:07:06.040 --> 0:07:09.360 Quick Take Power by more than twenty hundred journalists antalists 0:07:09.360 --> 0:07:12.240 more than a hundred twenty countries. Michael Barr, this is Bloomberg. 0:07:12.320 --> 0:07:14.880 Nathan alright, Michael, thank you. It is five nineteen on 0:07:14.920 --> 0:07:18.600 Wall Street Live from the Bloomberg Interactive Broker Studios. This 0:07:18.640 --> 0:07:20.720 is Bloomberg Daybreak, and as we get ready to close 0:07:20.800 --> 0:07:23.760 the books on a wild trading week, we're very pleased 0:07:23.800 --> 0:07:26.239 to be joined this morning by Matt Maylee, chief market 0:07:26.280 --> 0:07:30.840 strategist at Miller tay Back. Several days of slides of course, Matt, 0:07:30.880 --> 0:07:37.480 now we're seeing a lift for equities. Is this capitulation? Well, 0:07:37.520 --> 0:07:40.560 we certainly seem to be seeing something that that will 0:07:41.080 --> 0:07:44.120 or have seen something this week that could be viewest capitulation. 0:07:44.400 --> 0:07:47.720 And what really happened was we saw this big decline, 0:07:47.720 --> 0:07:51.400 of course in the cryptocurrencies Bitcoin and and the others 0:07:51.440 --> 0:07:54.119 out of this whole all this news about terror et cetera, 0:07:54.440 --> 0:07:57.840 and these stable coins, and what that what that cause was, 0:07:57.920 --> 0:08:00.160 you know, was margin calls. It was just four were 0:08:00.160 --> 0:08:03.920 selling margin calls. A complete capitulation in that market. The 0:08:03.960 --> 0:08:07.360 problem is that many of these UH cryptocurrencies are not 0:08:07.520 --> 0:08:11.160 particularly liquid. UH even bitcoins a lot less liquid than 0:08:11.240 --> 0:08:13.600 it used to be. So what what happens is that 0:08:13.680 --> 0:08:15.800 people are like, oh my gosh, I've got a margin call. 0:08:16.120 --> 0:08:19.480 I'm not i can't raise enough money selling this cryptocurrency. 0:08:19.680 --> 0:08:21.720 I've got to sell what I can sell. And what 0:08:22.280 --> 0:08:26.400 these these people on the cryptocurrencies don't old own old 0:08:27.280 --> 0:08:30.280 you know, old economy stocks like a General Electric or 0:08:30.360 --> 0:08:32.800 U S. Steel. They own Apple and Microsoft and the 0:08:32.920 --> 0:08:35.600 video and they were just dumping those stocks to meet 0:08:35.600 --> 0:08:38.840 their margin calls. Now that these they see that, uh 0:08:38.880 --> 0:08:42.120 that this sorry, the cryptocurrencies are bouncing back and the 0:08:42.200 --> 0:08:45.520 stabilizing and bouncing back, that forced selling is over and 0:08:45.559 --> 0:08:48.800 now that's what's causing the stock market to bounce back nicely. 0:08:49.040 --> 0:08:51.640 And this could last for a little while. So where 0:08:51.640 --> 0:08:54.719 do you see this bounce going? Then? Well, I mean, 0:08:54.800 --> 0:08:56.559 you know, nothing will comes comes in a straight line. 0:08:56.600 --> 0:08:58.720 But I remember back in March, you know, the second 0:08:58.720 --> 0:09:00.760 half of March, we've bounch know, eight percent was I 0:09:00.800 --> 0:09:02.840 think it was eight percent or even close to tempercent 0:09:03.080 --> 0:09:05.920 over to a couple of weeks. Uh, so we could 0:09:05.920 --> 0:09:09.640 see easily see something that strong. Uh The thing is, 0:09:09.679 --> 0:09:11.560 I do I'm afraid that it's it's not gonna be. 0:09:11.600 --> 0:09:13.800 We haven't seen the bottom, but because I just think 0:09:13.840 --> 0:09:15.880 the headwinds that we're facing right now are are still 0:09:15.920 --> 0:09:19.480 out there. So it is the the destabilization that we've 0:09:19.480 --> 0:09:21.120 seen in the crypto market this week. Do you think 0:09:21.160 --> 0:09:23.560 it's just driven by market calls or or margin calls? 0:09:23.559 --> 0:09:28.599 It Does it say something about what the overall stability 0:09:28.960 --> 0:09:33.360 of cryptocurrency as an asset class is. Could we be 0:09:33.440 --> 0:09:38.199 in line for more volatility going forward? Oh? Sure, the 0:09:38.559 --> 0:09:42.520 no question. I mean it's uh, you know, we haven't 0:09:42.559 --> 0:09:44.760 seen it. It's been basically trading as a risk on, 0:09:44.880 --> 0:09:47.840 risk off trade, uh for for over a year now, 0:09:48.120 --> 0:09:50.760 and and nobody really knows exactly what the fair value 0:09:50.800 --> 0:09:52.839 on the fundamental side of it is. I mean, I'm 0:09:52.880 --> 0:09:56.040 a long term bull on the cryptocurrencies, but it's really hard. 0:09:56.160 --> 0:09:57.760 Is it? Is it? You know? For bitcoin? Is it 0:09:57.840 --> 0:10:01.320 twenty thousand? It is fifteen thousands, twenty five thousand? We 0:10:01.360 --> 0:10:04.320 don't know. Because all this liquidity that the Fed provided, 0:10:04.520 --> 0:10:07.640 you know, that emergency level liquidity that they provided after 0:10:07.960 --> 0:10:12.000 long after the emergency and the economy had ended, UH 0:10:12.200 --> 0:10:14.160 took it higher than it should have. And and and 0:10:14.320 --> 0:10:15.880 so now it is trying to find a level. It's 0:10:15.920 --> 0:10:18.000 gonna take a while before it finally finds that little 0:10:18.840 --> 0:10:21.360 do you think it has some help finding that level? 0:10:21.440 --> 0:10:25.080 With what the FED Chairman J. Powell had to say yesterday, 0:10:25.120 --> 0:10:28.640 again taking the idea of seventy five basis points at 0:10:28.720 --> 0:10:33.000 least actively off the table, that's certainly const things down. 0:10:33.080 --> 0:10:35.160 It's kind of funny people go back and forth between 0:10:35.200 --> 0:10:37.560 saying when you initially took it off the table, it 0:10:37.600 --> 0:10:40.040 was it was, it was, you know, for about twenty 0:10:40.040 --> 0:10:42.360 four hours it was positive, then it was negative, now 0:10:42.400 --> 0:10:44.760 it's positive again. We're kind of all over the map, 0:10:45.200 --> 0:10:46.720 but I think it does kind of things down for 0:10:46.760 --> 0:10:50.080 a while. And and uh we again we uh. The 0:10:50.120 --> 0:10:52.400 problem is inflation is gonna be with us for a while, 0:10:52.480 --> 0:10:55.520 and in particular because of this issue of the war 0:10:55.559 --> 0:10:58.360 in Ukraine, it's now become a war of attrition. That 0:10:58.400 --> 0:11:00.360 means it's gonna last for a long time. That means 0:11:00.360 --> 0:11:02.040 the sanctions are gonna be on for a long time, 0:11:02.280 --> 0:11:05.280 and that means energy prices and food prices are going 0:11:05.320 --> 0:11:07.719 to remain high for a long time. The supply chain 0:11:07.760 --> 0:11:10.640 is gonna be disrupted for a long time, etcetera. So 0:11:11.080 --> 0:11:13.160 we still have some problems, I'm afraid. So are you 0:11:13.200 --> 0:11:15.480 looking for havens then, or do you see opportunity in 0:11:15.520 --> 0:11:19.000 this market right now? I mean for short term traders, 0:11:19.040 --> 0:11:21.319 I think there's a plenty of opportunity out there. Uh, 0:11:21.640 --> 0:11:24.160 not only in in some of these big cap names 0:11:24.160 --> 0:11:26.199 that have been you know, kind of washed out in 0:11:26.200 --> 0:11:28.440 the last couple of days, but also in the names 0:11:28.480 --> 0:11:31.640 that have just been absolutely obliterated and are down quite 0:11:31.640 --> 0:11:33.360 a bit. I mean a stock like Netflix has just 0:11:33.400 --> 0:11:36.719 been absolutely crushed and it's not like they're going out 0:11:36.760 --> 0:11:40.079 of business. Uh. But also that however, though, I'm thinking 0:11:40.240 --> 0:11:42.200 as we get this bounce, people want to use that 0:11:42.240 --> 0:11:44.280 to raise a little bit more cash. I still think 0:11:44.280 --> 0:11:46.760 we have a lot more volatility, uh for the rest 0:11:46.760 --> 0:11:50.040 of this year, and you know, get defensive playing into 0:11:50.080 --> 0:11:53.360 the areas with hard assets like the energy sector. Uh. 0:11:53.640 --> 0:11:55.320 And still you want to play a little bit defensive 0:11:55.320 --> 0:11:57.679 to don't get sucked in by uh by kind of 0:11:58.240 --> 0:12:00.840 a sharp rally just like uh, they'll be gotten back 0:12:00.880 --> 0:12:03.640 in March. Thanks Matt, as always good to talk with you. 0:12:03.760 --> 0:12:07.400 Matt Mayley, chief market strategist at Miller tay Back. As 0:12:07.480 --> 0:12:10.640 we watch stocks rise to close out the week. Right now, 0:12:10.800 --> 0:12:13.200 SMP futures are up forty six point, Staff futures up 0:12:13.200 --> 0:12:16.640 two hundred seventy three. NASTACK futures are higher by two 0:12:16.720 --> 0:12:18.920 hundred twelve points, leading the games this morning with a 0:12:18.960 --> 0:12:22.840 gain of one ten. You're treasuring now down sixteen thirty seconds, 0:12:22.880 --> 0:12:25.040 the yield two point nine zero percent, and the yield 0:12:25.080 --> 0:12:27.440 on the two year right now two point five nine. 0:12:27.480 --> 0:12:30.240 Looking at Bitcoin back above thirty thousand at thirty thousand, 0:12:30.400 --> 0:12:35.080 six hundred dollars just ahead. More on this market volatility 0:12:35.200 --> 0:12:39.880 and the January six Committee issues subpoenas to lawmakers. Top 0:12:39.960 --> 0:12:48.119 stories the morning. Just ahead, You're listening to Bloomberg gambleven 0:12:48.160 --> 0:12:49.640 three oh weather morning Fogg will give way to a 0:12:49.720 --> 0:12:52.480 few showers today with a high near seventy. More showers 0:12:52.520 --> 0:12:55.600 possible tomorrow low seventies and will be near eighty degrees 0:12:55.720 --> 0:12:59.079 with a chance for a few showers sixty two degrees. 0:12:59.200 --> 0:13:05.840 Right now, broadcasting live from the Bloomberg Interactive Broker Studio 0:13:06.000 --> 0:13:09.160 in New York, Bloomberg e Living Freedom to Washington, d C. 0:13:09.360 --> 0:13:14.040 Bloomberg to Boston, Bloomberg one six one to San Francisco, 0:13:14.160 --> 0:13:17.360 Bloomberg nine sixteen to the country, Sirius XM to the 0:13:17.440 --> 0:13:20.320 one nine team and around the globe, the Bloomberg Business 0:13:20.720 --> 0:13:30.400 and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's 0:13:30.440 --> 0:13:32.680 five thirty on Wall Street. Good morning. I'm Nathan Hagar 0:13:32.960 --> 0:13:35.640 and I'm Karen Moscow. We're just about four hours away 0:13:35.679 --> 0:13:37.640 from the open of US trading. Let's get you up 0:13:37.640 --> 0:13:39.040 to date of the news you need to know at 0:13:39.080 --> 0:13:41.679 this hour. US futures are higher as we near the 0:13:41.800 --> 0:13:44.400 end of a volatile trading week. Yesterday, the S and 0:13:44.480 --> 0:13:47.520 P five hundred came within spitting distance of a drop 0:13:47.600 --> 0:13:50.840 that would signal a bear market. Joice Chang, global Research 0:13:50.960 --> 0:13:53.679 chair at JP Morgan, expects more wild swings in the 0:13:53.760 --> 0:13:56.880 markets in least in the US could be close to speaking, 0:13:56.960 --> 0:13:58.880 but it's been going up in the rest of the world. 0:13:59.120 --> 0:14:01.319 And even if you've seen the peak for inflation, the 0:14:01.440 --> 0:14:04.040 question is where does the settle. I think that the 0:14:04.120 --> 0:14:07.240 volatility is really going to stay with us here and 0:14:07.320 --> 0:14:10.280 there's still the growth concerns as well in Europe and 0:14:10.440 --> 0:14:13.840 in China where we're taken down forecast. JP Morgan's Joyce 0:14:13.960 --> 0:14:17.040 Chang says, even if inflation has peaked, FED policy will 0:14:17.080 --> 0:14:20.160 remain hawkish and speaking of the FED, Karen J. Powell's 0:14:20.240 --> 0:14:23.040 latest comments helping the stabilize markets. The FED chair was 0:14:23.120 --> 0:14:25.600 confirmed for a second term yesterday. He says the central 0:14:25.640 --> 0:14:28.320 bank still plans to raise rates by fifty basis points 0:14:28.360 --> 0:14:31.000 at each of its next two meetings. San Francisco FED 0:14:31.080 --> 0:14:33.520 President Mary Daly's back in the idea as well, telling 0:14:33.560 --> 0:14:36.880 Bloomberg the hikes makes sense well, Nathan. Cryptocurrency is also 0:14:36.960 --> 0:14:39.640 rebounding this morning, and Bloomberg's Rained A Young joins US 0:14:39.720 --> 0:14:41.960 Live with more. Good morning, Rainy Down, Good morning, Karen. 0:14:42.040 --> 0:14:45.240 Bitcoin is trading back above the key thirty thousand level 0:14:45.320 --> 0:14:49.480 this morning, after falling to nearly twenty five thousand on Wednesday. Tether, 0:14:49.680 --> 0:14:53.320 the largest stable coin used in crypto markets to facilitate trading, 0:14:53.720 --> 0:14:57.360 is also recovering from an earlier mini crash. Major cryptos 0:14:57.400 --> 0:15:00.400 were falling with regular market sentiment, but the osion of 0:15:00.440 --> 0:15:04.640 the Terra USD stable coin kindled widespread panic, and as 0:15:04.680 --> 0:15:08.800 of today, terraform Labs has halted its Tarra blockchain and 0:15:08.880 --> 0:15:11.680 its related Luna tooken twice to come up with a 0:15:11.760 --> 0:15:15.440 plan to reconstitute the Terra network. It's lost its peg 0:15:15.520 --> 0:15:18.520 to the US dollar Live in New York. I'm rened 0:15:18.560 --> 0:15:20.760 a young Bloomberg Daybreak, All right, rened to thank you. 0:15:20.880 --> 0:15:23.240 Shares of robin Hood are also on the move this morning. 0:15:23.280 --> 0:15:26.160 Crypto billionaire Sam Bankman Freed took a nearly eight percent 0:15:26.280 --> 0:15:29.080 stake in the retail trading company, and that has robin 0:15:29.160 --> 0:15:32.360 Hood shares higher in early trading. In Washington, Nathan, the 0:15:32.400 --> 0:15:36.400 House committee investigating the January sixth insurrection is making waves. 0:15:36.480 --> 0:15:39.760 It's a peanut house GOP leader Kevin McCarthy and four 0:15:39.880 --> 0:15:44.440 other Republican lawmakers. Brad Marsh Brad Moss, partner at mark Zade, 0:15:44.800 --> 0:15:47.960 says it's a key step. This very much crossed sort 0:15:47.960 --> 0:15:51.120 of an unwritten line about the idea of Congress going 0:15:51.160 --> 0:15:52.920 after one of their own. We're in a bit of 0:15:53.000 --> 0:15:55.800 uncharted territory. We don't quite know how this will play out. 0:15:55.840 --> 0:15:57.800 I mean, we certainly know we're going to see some 0:15:57.920 --> 0:16:02.040 refusals to cooperate. There's one do some interesting constitutional issue. 0:16:02.320 --> 0:16:04.920 And Brad Moss of mark z spoke with our Washington 0:16:04.960 --> 0:16:07.960 correspondent Joe Matthew on Bloomberry Sound on Catch the program 0:16:08.040 --> 0:16:11.440 weekdays at five pm Eastern on Bloomberg Radio, try to 0:16:11.480 --> 0:16:18.840 head your local headlines and this is Bloomberg. Thanks start 0:16:19.560 --> 0:16:21.840 three on Wall Street fifty nine degrees in Central Park 0:16:21.880 --> 0:16:23.440 and Michael Barr has more on what's going on in 0:16:23.520 --> 0:16:26.400 New York end around the world. Michael, thank you very much, Nathan. Today, 0:16:26.480 --> 0:16:29.360 more than seven to gas stations throughout New Jersey are 0:16:29.560 --> 0:16:32.280 lowering their prices. It's part of an effort to demonstrate 0:16:32.440 --> 0:16:35.840 how allowing self serve at the pump could help lower 0:16:35.920 --> 0:16:38.760 gas prices. New Jersey is one of two states in 0:16:38.800 --> 0:16:41.440 the nation that does not allow drivers to pump their 0:16:41.440 --> 0:16:43.800 own gas. Bill has also been introduced in the state 0:16:43.920 --> 0:16:47.200 legislature calling for self service at stations with more than 0:16:47.240 --> 0:16:51.000 four pumps that the cast prices rise thanks to inflation 0:16:51.200 --> 0:16:54.920 and the war in Ukraine. Assemblywoman Carol Murphy is one 0:16:54.960 --> 0:16:57.160 of the sponsors of the bills. He says the measure 0:16:57.240 --> 0:17:01.200 could solve a workers shortage issue come across is gas 0:17:01.240 --> 0:17:05.800 stations where there are closed pumps. Why because they don't 0:17:05.840 --> 0:17:12.080 have enough work force to man those pumps, which creates 0:17:12.400 --> 0:17:16.800 long lines. Assembly Woman Murphy agrees with advocacy groups that 0:17:16.920 --> 0:17:20.200 self served gas could save drivers between one hundred to 0:17:20.359 --> 0:17:23.639 four hundred dollars a year. White House COVID nineteam response 0:17:23.680 --> 0:17:26.840 coordinator Dr Chi's Jaw renewed his call for Congress to 0:17:26.880 --> 0:17:30.320 authorize more funding to find the virus. Dr Jaws warning 0:17:30.359 --> 0:17:34.680 that many Americans with waning immunity could find themselves vulnerable 0:17:34.800 --> 0:17:38.760 this fall without more preventive efforts. Obviously, if we don't 0:17:38.800 --> 0:17:40.800 get those resources, we're gonna have to make some very 0:17:40.880 --> 0:17:44.320 very difficult choices, right whatever, make difficult choices about vaccines 0:17:44.520 --> 0:17:46.359 or treatments. What do we do with tests and we 0:17:46.480 --> 0:17:48.200 really go into a fall and winter search with no 0:17:48.320 --> 0:17:51.040 testing capability, I mean, that would be a real problem. 0:17:51.280 --> 0:17:53.639 Dr John says the twenty two and a half billion 0:17:53.720 --> 0:17:56.600 dollars in COVID nineteam relief funding requested by the White 0:17:56.600 --> 0:17:59.679 House is the bare minimum that we need to get 0:17:59.760 --> 0:18:03.000 through this fall and winter without large loss of life. 0:18:03.440 --> 0:18:07.400 New York households power bills are poison surge twelve percent 0:18:07.520 --> 0:18:11.080 this summer over a year earlier, amid higher electrical demand 0:18:11.200 --> 0:18:15.119 and soaring natural gas prices that would exceed the eleven 0:18:15.200 --> 0:18:19.040 percent increases of the two previous summers. North three s 0:18:19.080 --> 0:18:21.680 s Six people have died in three fifty thousand have 0:18:21.840 --> 0:18:25.280 been treated a day after it acknowledged its first COVID 0:18:25.400 --> 0:18:28.640 nineteen cases of the pandemic. Global News twenty four hours 0:18:28.680 --> 0:18:31.120 a day on air and on Bloomberg Quick Take Power 0:18:31.160 --> 0:18:33.879 by more than hundred journalists analysts in more than a 0:18:33.960 --> 0:18:36.800 hundred twenty countries. Michael Barr, this is Bloomberg Nather. Thank you, 0:18:36.920 --> 0:18:44.720 Michael wall Street. Time for Bloomberg Sports Update with John 0:18:44.760 --> 0:18:48.560 stash Ower aany Yankees in Chicago Blue two leads. The 0:18:48.640 --> 0:18:51.080 game was seven seven going to the eighth inn. The 0:18:51.160 --> 0:18:53.760 yank scored seven runs in the eighth and they won 0:18:53.920 --> 0:18:56.600 fifteen to seven to whom run six RB I has 0:18:56.600 --> 0:18:59.800 been John Carlos Danton, the Yankee manager dar Boom expected 0:19:00.320 --> 0:19:02.760 throw two touchdowns up there on a night when Dylan 0:19:02.840 --> 0:19:05.119 sees his pitching, you know the kind of start he's 0:19:05.160 --> 0:19:07.199 been off too. But a lot of really good at 0:19:07.240 --> 0:19:11.119 bats off of him, obviously big g getting two big ones, 0:19:11.560 --> 0:19:13.960 uh to get us to get us rolling, and then 0:19:14.480 --> 0:19:17.040 you know we lost, We lost the lead. There's really 0:19:17.080 --> 0:19:20.800 good to see. Guys, just continue to push ahead. Gangs 0:19:20.840 --> 0:19:23.480 ever won sixteen the last eight teen. The Mets won four. 0:19:23.560 --> 0:19:26.240 One of Washington Mark Canneth three hits three RBIs first 0:19:26.280 --> 0:19:29.119 win for Taiwan Walker. The Miami Heat have advanced to 0:19:29.160 --> 0:19:32.800 the NBA's East Finals a game six win at Philadelphia 0:19:32.880 --> 0:19:36.360 Jimmy Butler thirty two points. LUKEA. Donson scored thirty three 0:19:36.400 --> 0:19:38.760 in Dallas. The MAVs, coming off a thirty point loss 0:19:38.800 --> 0:19:41.920 in Phoenix, won by twenties seven. That series going with 0:19:41.960 --> 0:19:44.879 a seven game will the Rangers in Penguins series goes 0:19:44.960 --> 0:19:47.560 seven games. Blue Sforts need to win game six tonight 0:19:47.600 --> 0:19:50.120 in Pittsburgh, were the pen won games three and four, 0:19:50.680 --> 0:19:52.679 seven to four and seven to two. Not known if 0:19:52.680 --> 0:19:55.240 the Pencil have Sidney Crosby tonight. He got hurt in 0:19:55.400 --> 0:19:58.480 Game five Tamma by lightning. Two time depending Stanley Cup champs, 0:19:58.480 --> 0:20:00.840 they faced elimination. They stayed a Lot five with an 0:20:00.880 --> 0:20:04.240 overtime Whatever Toronto, they'll be at least three game sevens. 0:20:04.280 --> 0:20:07.560 Also Boston and Carolina, Edmonton and l A. The NFL 0:20:07.640 --> 0:20:09.680 season will pick off with the defending champion l A 0:20:09.800 --> 0:20:13.280 Rams hosting Buffalo the Jets. Week one home for Baltimore 0:20:13.359 --> 0:20:16.800 the Giants f Tennessee. The Giants game in Dallas will 0:20:16.840 --> 0:20:20.359 be on Thanksgiving. John Stashatward Bloomberg Sports, Nathan all Right 0:20:20.440 --> 0:20:22.800 John Thanks thirty seven on Wall Street Time for the 0:20:22.840 --> 0:20:26.320 Tri State Business Report. Here's Bloomberg's d Cory. New York 0:20:26.359 --> 0:20:29.320 City Mayor Eric Adams has signed to measure delaying a 0:20:29.440 --> 0:20:32.800 requirement to disclose the minimum and maximum salary ranges and 0:20:32.920 --> 0:20:35.920 job postings. You signed it just days before the current 0:20:36.000 --> 0:20:39.080 salary disclosure law was supposed to take effect. New York 0:20:39.160 --> 0:20:42.719 City salary disclosure law will now take effect on November one, 0:20:43.320 --> 0:20:46.240 when New York households power bills are supposed to surge 0:20:46.320 --> 0:20:49.800 twelve present this summer over a year earlier amid higher 0:20:49.880 --> 0:20:53.879 electrical demand and soaring natural gas prices that would exceed 0:20:53.960 --> 0:20:57.440 the eleven present increases of the two previous summers. Would 0:20:57.480 --> 0:21:00.160 also be a return to price levels lasting in two 0:21:00.240 --> 0:21:04.720 thousand fourteen. A shortage of contrast dive for medical imaging 0:21:04.800 --> 0:21:08.520 caused by COVID lockdowns in Shanghai will force some New 0:21:08.640 --> 0:21:13.080 Jersey patients to postpone appointments. Physician orders for CT scans 0:21:13.119 --> 0:21:16.320 and other imaging with contrast are being reviewed to see 0:21:16.359 --> 0:21:20.680 if they're absolutely necessary or can be postponed. Begew Bloomberg 0:21:20.760 --> 0:21:23.760 Try State Business Report. I'm ed Corey Okay and thank you. 0:21:23.800 --> 0:21:26.119 It's five thirty eight on Wall Street. Bloomberg Radio is 0:21:26.160 --> 0:21:28.439